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00:03:12
Sent to me from a friend so I have no sources:
🚨 SOMETHING BIG JUST HAPPENED:
BlackRock just blocked investors from pulling their own money out.
The world’s largest asset manager is telling people: no, you can’t have your cash back.
This has never happened before.
BlackRock’s $26 billion private credit fund got hit with $1.2 billion in withdrawal requests this quarter.
Investors wanted 9.3% of their money back.
BlackRock said no. Capped it at 5%. Paid out $620 million and locked the rest.
That means almost HALF the people who wanted out couldn’t get out.
And it’s not just BlackRock.
Blackstone’s similar fund saw a RECORD 7.9% in redemption requests.
They had to raise their withdrawal cap and inject $400 million of their own money just to cover the demand.
Blue Owl straight up stopped honoring redemptions. Replaced them with IOUs.
BLK dropped 5%. KKR, Carlyle, Apollo, Ares, Blue Owl, and TPG all fell 5-6% with it.
The entire private credit sector sold off in a single day.
These ...
